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For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry
For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each drop-down box in the following table.
Scenario A large city has lots of small shops where people can buy sweaters. Each store's sweaters reflect the style of that particular store. Additionally, some stores use higher-quality cotton than others, which is reflected in their price. There are hundreds of high school students in need of algebra tutoring services. Dozens of companies offer tutoring services; parents view the quality of the tutoring at the different companies to be largely the same. In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. Consumers don't care which cab company they take-if they decide it's worth taking a cab, they flag down the nearest one. The government has granted a patent to a drug company for an experimental AIDS drug. That company is the only firm permitted to sell the drug. Number of Firms Many Few One Type of Product Market Model
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